ex99_1.htm

Great Plains Energy

Year-end and Fourth Quarter 2009
Earnings Presentation

February 26, 2010

Exhibit 99.1

Statements made in this presentation that are not based on historical facts are forward-looking, may involve risks and uncertainties,
and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, the outcome of
regulatory proceedings, cost estimates of the Comprehensive Energy Plan and other matters affecting future operations. In
connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the registrants are providing a
number of important factors that could cause actual results to differ materially from the provided forward-looking information. These
important factors include: future economic conditions in regional, national and international markets and their effects on sales, prices
and costs, including, but not limited to, possible further deterioration in economic conditions and the timing and extent of any
economic recovery; prices and availability of electricity in regional and national wholesale markets; market perception of the energy
industry, Great Plains Energy and Kansas City Power & Light Company (KCP&L); changes in business strategy, operations or
development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but
not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators regarding rates the
companies can charge for electricity; adverse changes in applicable laws, regulations, rules, principles or practices governing tax,
accounting and environmental matters including, but not limited to, air and water quality; financial market conditions and performance
including, but not limited to, changes in interest rates and credit spreads and in availability and cost of capital and the effects on
nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings;
inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual
commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility industry and
the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including, but not limited to, weather-
related damage and their effects on sales, prices and costs; cost, availability, quality and deliverability of fuel; ability to achieve
generation planning goals and the occurrence and duration of planned and unplanned generation outages; delays in the anticipated in
-service dates and cost increases of additional generating capacity and environmental projects; nuclear operations; workforce risks,
including, but not limited to, retirement compensation and benefits costs; the timing and amount of resulting synergy savings from the
acquisition of KCP&L Greater Missouri Operations Company; and other risks and uncertainties. This list of factors is not all-inclusive
because it is not possible to predict all factors. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s
most recent quarterly report on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the particular statement. Great Plains Energy and KCP&L undertake no
obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.

Forward Looking Statement

Great Plains Energy

Year-end and Fourth Quarter 2009
Earnings Presentation

February 26, 2010

Mike Chesser,
Chairman and CEO

Impressive
Reliability

Solid Safety Record

Tier 1 Customer Service

Stewards of
the Environment

Reliable,
Economical, and
Safe Nuclear
Generation

Strong Plant Performance

2010 and Beyond

• Improved earnings outlook

• Completion of Iatan 2

• Continued focus on regulatory process

• Continued delivery of GMO synergies and movement toward Tier 1 costs
across the organization

• Sound planning to effectively position the Company financially and
strategically to meet future generation and network requirements and as an
industry leader in energy efficiency

William H. Downey,
President and COO

• Successful completion of Iatan 1 and Sibley 3 Air Quality Control Systems (AQCS) and
Iatan 1 overhaul

• Constructive settlements in five rate cases

• Filed rate case for KCP&L Kansas with flexible procedural schedule

• Major progress on Iatan 2 construction

• “Strength at the Core” in utility operations

• Improved generation fleet performance compared to 2008

• Successful Wolf Creek refueling outage

• Continued to capture synergies from GMO acquisition and identified additional
opportunities

2009 Operational and Regulatory Highlights

q First Fire on Oil

q First Fire on Coal

q Synchronization

q Provisional Acceptance

Steps to In-Service Date for Iatan 2

KCP&L Coal Fleet

KCP&L Nuclear

GMO Coal Fleet

Impact of refueling outages

Impact of unplanned

coal outages

Q4 08 and Q1 09

impact of Iatan 1 unit
overhaul and AQCS tie-ins

Q4 08 and Q1 09 impact of

Sibley environmental
upgrade and Iatan 1 unit

overhaul and AQCS tie-ins

*1 2008 reflects GMO results for the period July 14 through December 31, 2008

Plant Performance

Source: J.D. Power and Associates 2010 Electric Utility

Business Customer Satisfaction StudySM

Source: J.D. Power and Associates 2009 Electric Utility Residential

Customer Satisfaction StudySM

“Strength at the Core” Performance Metrics

* Latest available data

Reliability

Safety

“Strength at the Core” Performance Metrics

$98M
above initial
projections

GMO Acquisition Synergies

Financial Overview

Terry Bassham, CFO
Executive Vice President Finance &
Strategic Development

• Increased Electric Utility segment earnings of $14.7 million mainly attributable to the inclusion of GMO’s
regulated utility operations for the full period in 2009, new retail rates and lower purchased power expense.
Increase was partially offset by unfavorable weather, decline in weather-normalized customer usage,
decreased wholesale revenues and increased interest expense.

• Reduced Other segment losses of $17.4 million including a $16.0 million tax benefit from an audit settlement in
GMO’s non-utility operations.

• Loss of $1.5 million in 2009 related to the discontinued operations of Strategic Energy compared to income of
$35.0 million for the full period in 2008.

• Increase of 28.6 million average dilutive shares outstanding resulted in dilution of $0.33 per share.

Note: 2008 reflects GMO results for the period July 14, 2008 through December 31, 2008

(unaudited)

• Electric Utility segment earnings increased $8.0 million primarily as a result of new retail rates and decreased
purchased power expense. Increase partially offset by unfavorable weather, lower weather-normalized
customer usage and increased depreciation and amortization expense and higher interest expense.

• A 17.8 million increase in the average number of shares outstanding since the fourth quarter of 2008 resulted
in $0.02 per share dilution.

$128.9

$125.2

$28.9

$17.9

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

2009

2008

GMO

KCP&L

(millions except
where indicated)

Key Earnings Drivers:

+ GMO utility earnings increased $11.0 million primarily from inclusion for full year in 2009

+ Decreased purchased power expense of $48.2 million at KCP&L

+ Decreased income taxes of $12.9 million at KCP&L

+ Increase in KCP&L’s AFUDC equity of $8.2 million

- Reduced KCP&L revenues of $24.8 million, including $55.3 million drop in wholesale

- Increased non-fuel O&M of $6.0 million

- Increased depreciation and amortization of $25.3 million, including $10.8 million of

additional amortization at KCP&L

- Increased interest expense, net of AFUDC, of $12.6 million at KCP&L

- Dilution of $0.34 per share caused by additional shares outstanding

$157.8

$143.1

$1.22

$1.41

Earnings Per Share

Earnings

$1.00

$1.24

$0.22

$0.17

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2009

2008

Electric Utility Full-Year Results

Key Earnings Drivers:

+ Increased retail revenue of $36.5 million driven by new retail rates partially offset by mild
weather and lower weather-normalized energy consumption

+ Decline in purchased power expense of $27.8 million

- Increased fuel expense of $14.3 million

- Increased depreciation & amortization of $13.3 million; including $7.0 million of
additional amortization

- Increased interest expense, net of AFUDC, of $4.2 million

- Higher shares outstanding caused electric utility segment dilution of $0.03 per share

(millions except
where indicated)

Earnings Per Share

$23.7

$15.7

$20.0

$3.7

$16.4

$(0.7)

$0.17

$0.13

$0.14

$0.03

$0.14

$(0.01)

Earnings

	4Q 2009 Compared to 4Q 2008			YTD 2009 Compared to YTD 2008
GPE	Customers	Use/Customer	Change MWh Sales	Customers	Use/Customer	Change MWh Sales
Residential	0.3%	2.5%	2.8%	0.4%	0.2%	0.6%
Commercial	-0.3%	-1.2%	-1.5%	0.0%	-0.7%	-0.7%
Industrial	-1.5%	-3.2%	-4.6%	-1.5%	-6.6%	-8.0%
Weighted Avg.	0.2%	-0.6%	-0.4%	0.3%	-1.5%	-1.2%

Retail MWh Sales by Customer Class - Fourth Quarter 2009

Weather-Normalized Retail MWh Sales and Customer Growth Rates

Note: Includes GMO for full periods presented

Electric Utility Segment

Earnings

Earnings Per Share

Key Drivers:

+ $16.0 million first quarter GMO non-utility tax benefit

– $11.4 million in after-tax interest expense

2008 included after-tax loss of $5.7 million from a mark-to-market change on

interest rate hedges, $3.6 million after-tax income from the reversal of interest expense and

$3.4 million after-tax income related to the release of a legal liability

$(7.8)

$(25.2)

(millions except
where indicated)

2009

2008

2009

2008

$(0.25)

$(0.07)

Other Segment Full-Year Results

Earnings

Earnings Per Share

$(0.07)

Key Earnings Drivers:

+ $2.5 million reduction in losses from GMO non-utility activities

- Increased after-tax interest of $4.6 million from Equity Units

$(9.3)

$(9.1)

(millions except
where indicated)

4Q ‘09

4Q ‘08

4Q ‘09

4Q ‘08

Other Segment Fourth Quarter Results

Great Plains Energy Debt

Long-term Debt Maturities

Credit Ratings

*Includes current maturities

Credit Ratings, Debt, Capital Structure

2010 Earnings Guidance Range

• Revenues of approximately $2.1 - $2.2 billion

• Normal weather

• Reported retail MWh sales growth of approximately 1.3% to 2.8%

• Weather-normalized retail MWh sales decline of approximately 0.2%

• Projected fourth quarter 2010 approval of KCP&L KS rate request that was
filed in Dec. 2009

• Average Equivalent Availability Factor and Average Capacity Factor for
generation fleet of approximately 85% and 79%, respectively

• Consolidated capital expenditures of approximately $610 to $680 million

• AFUDC of approximately $65 to $70 million based on average Construction Work

in Progress (CWIP) balance of $1.0 - $1.2 billion

• Issuance of approximately $200 to $400 million in long-term debt; no common
stock issuances

• Effective tax rate for continuing operations of approximately 30%

Key 2010 Guidance Assumptions

Reported retail MWh sales increase by approximately 1.3 to 2.8 percent

• Return to normal weather

• Decrease weather-normalized retail MWh sales of 0.2% compared to 2009

million MWh

Projected Retail MWh Sales Assumptions

Kansas

• Approval of rate request filed in December 2009 with new rates effective in 4Q 2010

Missouri

• Expect to file rate cases in 2Q10 with new rates effective in 2Q11

• New fuel transportation contract will impact KCP&L MO earnings in 2011 until new rates are
effective

Requests for Annual Retail Rate Increases

In Millions

Effective

Amount

Rate Jurisdiction

Date

Requested

Approved

KCP&L-Kansas

8/1/2009

71.6

59.0

KCP&L-Missouri

9/1/2009

101.5

95.0

GMO-Missouri Public Service

9/1/2009

66.0

48.0

GMO-St. Joseph Light & Power (Electric)

9/1/2009

17.1

15.0

GMO-St. Joseph Light & Power (Steam)

7/1/2009

1.3

1.0

2009 Approved Rate Increases

257.5

218.0

Pending Rate Increase: KCP&L - Kansas

4Q 2010

55.2

Regulatory Assumptions

2010 - 2012 Capital Expenditures

• AFUDC anticipated to represent approximately 30% of consolidated

2010 Earnings Before Taxes

• KCP&L MO and KS Iatan 2 AFUDC equity rate of 8.25%

2010-2012 CWIP and AFUDC Assumptions

Financing Requirements - Sources & Uses
of Cash 2010-2012

Financing:

2010

• $200 - $400 million of new long-term debt

2011

• Refinancing of approximately $500 million of maturing long-term debt

• $200 - $400 million of new long-term debt

2012

• GXP shares issued upon conversion of Equity Units

• Proceeds from Equity Units conversion used to repay portion of maturing $500
million GMO 11.875% issue; balance refinanced with long-term debt

• Debt component of equity units remarketed

• Amortization of GMO debt write-up lowers interest expense by $34 million annually in
2010-11

Taxes:

• 39% marginal tax rate before credits; approximate 33% average effective tax rate across
2010 - 2012, after AFUDC equity and tax credits

• Utilization of NOLs reduces cash tax rate to approximately 2% for state and

AMT payments

Financing and Tax Assumptions

Positioned for Long-Term Earnings Growth

• Increased rate base post-Iatan 2;

• Benefit from economic recovery and increased energy consumption
in our service territory;

• Continued focus on strengthening the core; and

• Continued sound strategic planning to position the Company to meet
future generation and network requirements and as an industry
leader in energy efficiency

Great Plains Energy

Year-end and Fourth Quarter 2009
Earnings Presentation

February 26, 2010